Bitfinex To Resume Fiat Deposit in the Next 24 Hours

Bitfinex To Resume Fiat Deposit in the Next 24 Hours

Bitcoin’s biggest exchange, Bitfinex has just announced via a tweet that all fiat deposit system will be available in the next 24 hours, by Tuesday, October 16, 2018. Bitfinex temporarily suspended all deposits for Euro, U.S. Dollar, Japanese Yen, and Pound Sterling, on Oct 11. This led to speculation that Bitfinex is close to insolvency

Bitcoin’s biggest exchange, Bitfinex has just announced via a tweet that all fiat deposit system will be available in the next 24 hours, by Tuesday, October 16, 2018.

Bitfinex temporarily suspended all deposits for Euro, U.S. Dollar, Japanese Yen, and Pound Sterling, on Oct 11. This led to speculation that Bitfinex is close to insolvency or has lost its bank account for the umpteenth time.

However, Bitfinex denied the rumors by stating that the exchange is far away from being insolvent and that all withdrawals are fully operational and functioning normally.

This news was quite alarming to some members of the crypto community because if Noble Bank was really insolvent, it could have devastating implications on the cryptocurrency economy as a whole, due to the fact that the exchange’s collapse will trigger a logarithmic rise in Tether premiums.

Now, with Tether dropping in price fast leading to a Bitcoin pump and a surge of other stablecoins, Bitfinex has come out with a statement announcing that fiat deposits will be open again on Tuesday, October 16.